Aave governance will migrate 1,600 ETH to wstETH and rETH

800 ETH will be converted to wsETH, and the remaining 800 ETH will be converted to rETH


Spyro the Dragon/Shutterstock modified by Blockworks


In an effort to put idle ether to work, Aave’s community governance has voted to convert 1,600 ETH (roughly $3 million) into wsETH and rETH held in the Ethereum Collector Contract.

The Aave DAO now holds 1,786 awETH in Aave v2, which yields 1.69%, and 104 raw ETH in the Ethereum Collector Contract. 

To make more use of the ETH sitting in the protocol, the proposal requested to move 800 ETH into Rocket Pool’s rETH — plus an additional 800 ETH into Lido’s stETH and then wrap it to receive 800 rstETH.

“This AIP converts all the unproductive ETH balance, along with aWETH (v2 and v3) into the same amounts of wstETH and rETH,” the proposal said.

A total of 17 addresses voted, 100% in favor, with the majority of votes coming from two specific addresses. One was aavechan — a delegate platform founded by Marc Zeller, Aave’s founder.

It’s commonplace to delegate votes to decision-makers in DAOs. Such delegations represent a wider community of DAO members, who share or agree with a delegate’s perspective. 

The proposal was the second that was part of a larger goal to deploy the Ethereum Collector Contract, which Aave community governance members wanted to deploy to earn yield on existing funds. 

An initial proposal to consolidate collector contract assets had already passed earlier in May, with 100% of voters in favor. 

A third and final proposal to acquire Balancer Boosted Aave USD (BB-A-USD) through Cowswap, then deposit 50-50 between Balancer and Aura Finance, is set to follow.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit